Question

Expensive department stores market service and atmosphere while less expensive stores market location and perceived lower prices or credit (check cashing services). This is characteristic of _______________________ .

Answer 1

Answer: Monopolistic competition

Step-by-step explanation:

Monopolistic competition is described as a competition between firms where they offer similar services but not the same or exact services. This competition is seen in industries where differentiation is possible, example of such industries are restaurant, hairdressers, clothing, TV programs.